The Importance of Small Business

As we step into a new season of growth and opportunity, I want to take a moment to shine a light on the incredible value of our small business members – the heart and soul of our chamber and local economy. 
 
Lest we ever forget… 
 
Small business contributions to the economy are nothing short of extraordinary. As the SBA puts it, “small businesses are the backbone of our economy. They represent the spirit of innovation and entrepreneurship and are critical to economic growth and community strength.”  
 
Consider this:

• Small businesses account for over 40% of the US GDP
• They create 2 out of every 3 new jobs and employ about 46% of the private workforce
• As of 2023, there were over 33 million small businesses in the U.S. – making up 99% of all U.S. businesses. 

 
Beyond the numbers, small businesses keep dollars circulating locally, creating a powerful multiplier effect. And here’s something I find especially compelling: small businesses consistently give back. Relative to their size, they often contribute a higher percentage of their revenues to charitable causes compared to larger corporations – a testament to their deep community roots and commitment.
 
Within our own Chamber, we’re proud to serve a dynamic mix of both large and small businesses. We recognize the growth potential within the small business community, which is why, two years ago, we established our Small Business Committee. This committee plays a key role in helping guide our efforts, shape our programming, and prioritize resources to better serve this critical sector. One key outcome of this work: the Small business Summit and Expo – now is in its 2nd year. Mark your calendars for May 9 – a day dedicated to training, business development, and resource building. 
 
One small business I want to promote today: 11 Wells Spirits, on the East Side. They are inviting all of us to an Open House, this Wednesday, starting at 6:30pm, to learn about the Hamm’s Development challenges and preview the new projects they are trying to bring to life. I hope to see you there—because when we show up, support, and stay engaged, we continue investing in our local economy and in one another. 
 
See you in the trenches,
B